Cyprus attracting British retirees
Older people from the UK are increasingly opting to set up home in Cyprus, according to a media report.
The Telegraph stated that the island was appealing to retirees who wanted to enjoy better weather and lower taxes.
A number of financial attractions were highlighted by the newspaper, including the absence of inheritance tax and "favourable treatment" of pensioners.
This was said to apply to anyone who was receiving a pension income, regardless of their age.
Jonathan Spring-Rice, wealth manager at independent financial adviser Towry Law International, told the newspaper: "You can benefit from this tax regime even if you take early retirement at say, 55, and move there."
The newspaper added that Cyprus was easily accessible from the UK and offered more than 300 days of sunshine every year.
This comes after PricewaterhouseCoopers predicted that the Mediterranean island would see growth of 4.1% during 2008.
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